Banks pay out £71bn for misconduct in decade since financial crisis

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Banks pay out £71bn for misconduct in decade since financial crisis

By Adam Cadle

28/08/2018

Britain’s largest banks have paid out a total of £71bn for misconduct in the decade since the financial crisis, according to the Mail on Sunday.

The costs for Royal Bank of Scotland, Lloyds Banking Group, Barclays and HSBC since the crisis come from fines, legal fees and compensation for mistreated customers.

According to the paper’s analysis, Lloyds has suffered the heaviest penalties with at least £23.4bn in conduct related costs and write-offs since 2008 due to fines and compensation to customers from the payment protection insurance scandal.

RBS suffered the second heaviest penalties at £20.6bn through conduct and litigation costs and amounts it has earmarked but not yet used.

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